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Council approves essential terms for Stanbury town-center deal, schedules public open houses
Summary
The Oldsmar City Council approved the essential terms of a proposed development agreement with Stanbury Development Group for an eight-acre town-center site and directed staff to host three public open houses to gather feedback. Key terms include a $2 million purchase price, a $200,000 nonrefundable deposit and requirements that commercial space be delivered before residential COs.
Oldsmar, Fla. — The Oldsmar City Council on June 16 approved the essential terms of a proposed development agreement with Stanbury Development Group for roughly eight acres of city-owned property intended for a mixed-use town center, and directed the city manager to hold three public open houses in July.
City Manager Felicia Donnelly outlined the primary terms: a $2 million purchase price, a nonrefundable $200,000 deposit to be credited at closing, and financial securities including completion and maintenance guarantees. Donnelly said the developer must provide a completion security equal to 110% of the estimated cost of required public improvements and a maintenance security equal to 20% of those costs for 18 months.
"The purchase price submitted and accepted as part of the request for proposals is $2 million," Donnelly said as she reviewed the essential terms and the schedule for public outreach. She also summarized operational requirements the developer agreed to, including that at least 30% of the initial commercial tenants be food retailers and that no medical primary-care uses will be permitted.
The agreement would require commercial buildings and public plaza spaces to be completed before certificates of occupancy are issued for residential buildings, a requirement councilmembers said is intended to prevent apartments from being occupied before storefronts are operating. The council also accepted a liquidated-damages provision in the outline: $350,000 annually (prorated to $29,167 monthly) if the project is not substantially complete within 60 months, with the first payment due in the 61st month.
Councilmembers praised the mix controls, the public-art commitment (no less than $50,000) and the requirement that infrastructure be privately maintained. Several members emphasized the importance of the planned open houses, which city staff said are scheduled for July 9, July 11 and July 14 at different venues and times to maximize attendance.
The council approved the motion to accept the essential terms and proceed to open houses; staff will return with public comments and, if appropriate, a development agreement in contractual form for a future council consideration.
